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The pound sterling continues to achieve positive targets in the currency race, taking advantage of the weakness of the US dollar, touching the target to be achieved during the last analysis, 1.2275, recording its highest price at 1.2285.
On the technical side today, the simple moving averages continue to hold the price from below on the 4-hour time frame, and this comes in conjunction with the clear positive signs on the RSI, which is stable above the mid-line 50.
With the pair’s success in establishing a good support floor around 1.2185/1.2200, the bullish direction is the most preferred during the day, targeting 1.2300, considering that breaching it might enhance the chances of an ascent to visit 1.2350 and 1.2415 waiting stations, respectively.
From below, confirming the breach of 1.2185, and an hourly closing below the mentioned level, puts the pair under negative pressure, and we are witnessing a quick retest of 1.2100 areas.
Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.
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